Oil & Energy

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For now, however, the US-led surge in supply and weak demand have seen traders start to store additional barrels as they wait for prices to recover.
September 14, 2014 - 04:55 GMT
The drop in oil prices to their lowest in two years has caught many observers off guard, coming against a backdrop of the worst violence in Iraq this decade, heightened tensions between the West and Russia, and sanctions against Iran.

May 27, 2014

ENOC launches new App
08:43 GMT
(press release)

Emirates National Oil Company (ENOC) has launched its dedicated App to support the Smart Dubai vision.

May 26, 2014

Construction contracts for a new crude oil pipeline between Saudi Arabia and Bahrain are expected to be tendered by the end of the year.
21:57 GMT

The 115km-long pipeline would run overland for 74km, with the remaining 31km being sub-sea.

Iran possesses the world’s second largest reserves of natural gas and the world’s fourth largest reserves of crude oil.
01:37 GMT

The country is currently exporting about 1.2 million barrels per day and has projected 1.5 million barrels of daily sales in the national budget for the year.

May 25, 2014

Despite the steady increase in oil exports, many Iraqis complain that much of the windfall is lost to state corruption and that the proceeds have not markedly improved daily life.
11:18 GMT

Iraqi engineers began repairs Saturday to a northern oil pipeline that has been disabled for months by militant attacks, costing the country millions of dollars in lost revenues, officials said.

Major sovereign wealth funds in the Middle East and Asia have invested in Russian businesses and backed its state-funded private equity fund.
11:08 GMT

Sovereign wealth funds in China and Qatar signaled their increased commitment to Russia, boosting Moscow’s hopes of strengthening ties with Asia and the Middle East as relations with the West deteriorate.


Saudi Energy 2014 will serve as an ideal platform for energy professionals, government officials, investors and both local and regional buyers.
03:55 GMT

Saudi Energy 2014 is set to surpass the success of the 2013 edition that gathered 7,564 visitors.

May 22, 2014

During the event
10:06 GMT
(press release)

ENOC Lubricants Marketing, the lubricants business division of ENOC Marketing, has joined hands with their partners in Uganda, City Lubes, to host its 6th Business Meet in Uganda, Africa.

Estimation of the uranium resources in the central region are expected to increase as more exploration is carried out by JUMCO in the 350sq.km area.
03:29 GMT

The plant, he said, will have a capacity of 300-400 metric tonnes per year and can be expanded to 1,500 metric tonnes per year at a later stage.

According to the Central Bank of Egypt, tourism is ranked second in terms of most important sources of income for Egypt after remittances from Egyptians abroa
02:17 GMT

Average of 663 cubic metres of water allocated per person; amount expected to drop below 582 cubic metres by 2025

May 21, 2014

Subsidies also rose more than fourfold, from $4.1 billion to $18 billion during the same period, an annual growth rate of 23 percent, Hamada said.
03:55 GMT

Kuwait has boasted a budget surplus in each of the past 14 fiscal years, helping to increase its sovereign wealth fund to over $500 billion

“The peaceful nuclear energy plays an important role in the future of our nation; these stations will provide us the electricity we need to meet our requirements.”
02:32 GMT

The new simulators are among the world’s most advanced nuclear training devices and the first of their kind in the Middle East.

May 20, 2014

ENOC
08:36 GMT
(press release)

Emirates National Oil Company (ENOC), which was recently awarded the CSR Label Award by Dubai Chamber of Commerce for its Corporate Social Responsibility initiatives.

May 19, 2014

Iran has tried to bring more foreign companies into its energy sector since securing sanctions relief from a November interim agreement to temporarily curb its nuclear activities.
03:55 GMT

A couple of Swedish and Russian companies have voiced readiness to cooperate with Iran in oil exploration projects in the Caspian Sea.

By the end of the current fiscal year the amount spent on subsidies will reach approximately EGP 135bn ($19 billion).
00:53 GMT

Subsidies for petroleum products have been sapping Egypt’s economy and should be addressed as soon as possible,

May 18, 2014

The project will bring on stream 26 wells from four fields in the Reggane basin, the company said.
12:31 GMT

UK-based oil and gas services group Petrofac, which slashed its 2014 profit forecast by 11 percent this month, said on Friday it was awarded a contract worth $970 million in Algeria.